SKY DEVELOPMENT AND SUNVEST PARTNER TO CREATE $300M REAL ESTATE FUND

MIAMI — Sky Development and SunVest Communities have partnered to form SkyVest Capital, a $300 million real estate fund that will capitalize on economic, financial and property market dislocation presented by the recent downturn in the U.S. real estate market. The joint venture will primarily target Florida, Nevada and Arizona, as well as North and South Carolina, California, Texas and New York. The fund will invest in distressed residential, commercial and retail projects, both directly and via the acquisition of debt.